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Not dependant on Lehman for Chhattisgarh proj: KSK EnergyKSK Energy Ventures said it is not financially dependent on now bankrupt investment bank Lehman Brothers for completing the 1800 mw project at Chhattisgarh, reports CNBCTV18.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 6:15 pm MM approaches FIPB for BAe JV clearance: SrcsMahindra Mahindra (MM) has approached the Foreign Investment Promotion Board, or FIPB, to clear a joint venture with British Aerospace Systems for land systems, reports CNBCTV18, quoting sources.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 4:47 pm HC verdict on Sesa GoaSesa Ind merger next month: SrcsCNBCTV18 learns that the Bombay High court verdict on Sesa Goa and Sesa Industries merger is expected next month.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 3:42 pm Nagarjuna Const bags 4 orders worth Rs 413crYD Murthy, Executive VP Finance, Nagarjuna Constructions that the company has bagged 4 orders worth Rs 413 crore.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 3:16 pm RILRNRL tussle continues: Anil Ambani fires another salvoAnil Ambani, speaking at the RNRL Annual General Meeting, said it was unfortunate that Reliance Industries had unilaterally signed an agreement with RNRL. There was never any dispute over the price of gas. The RIL agreement sought to shortchange RNRL shareholders. There was no will on the other side to uphold the contractual obligation.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 2:47 pm Moser Baer eyes Rs 1K cr rev in 3 yrs in entertainment bizYogesh Mathur, Group CFO, Moser Baer India, said the company expects Rs 1,000 crore turnover in about threeyears from the entertainment business.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 1:51 pm Etisalat acquires 45% stake in Swan Telecom for $900 m - Hindu Business Line
Source: Google News India - Business | 23 Sep 2008 | 12:55 pm Calcutta HC to pass final order on Tata Motors petition on Sep 26 - Business Standard
Source: Google News India - Business | 23 Sep 2008 | 12:53 pm Etisalat to pick up 45% in Swan Telecom for $900mA Raja has said that Swan Telecom may tieup with Etisalat. Swan Telecom has 13 circles in India. Meanwhile he has also said the BSNL union feedback is positive on IPO but has some reservations.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 12:49 pm Rupee hit by oil, stocks; RBI support seenMUMBAI (Reuters) - The rupee was pushed down on Tuesday by a 3 percent fall in local stocks and dollar demand from oil importers and arbitrageurs, although dealers said the Reserve Bank of India (RBI) intervention helped it recover some of its losses.Source: Reuters: Money News | 23 Sep 2008 | 12:38 pm WTO sets up panel in EU high-tech imports disputeGENEVA, Sept 23 (Reuters) - The World Trade Organisation set up a panel on Tuesday to examine a dispute over the European Union's tariffs on high-tech goods, a WTO spokeswoman said.Source: Reuters: Money News | 23 Sep 2008 | 12:33 pm Additional charges to be levied on extra 2G spectrumCommunications Minister A. Raja Tuesday said telecom operators wanting to use 2G spectrum for mobile telephony services in the country beyond 6.2 MHz will have to pay additional charges.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 12:32 pm Gitanjali Gems sees branding thrust paying offMUMBAI (Reuters) - Jewellery manufacturer and retailer Gitanjali Gems Ltd sees 60 percent of its expected FY09 revenue from jewellery sales as it steps up its brand reach, its top official said on Tuesday.Source: Reuters: Money News | 23 Sep 2008 | 12:29 pm Lehman Europe deal eyed; Paulson pushes bailoutLONDON (Reuters) - A sale of Lehman Brothers' European arm loomed as the next step in Wall Street's transformation on Tuesday as the main architect of a $700 billion U.S. financial sector rescue plan warned lawmakers not to slow its progress.Source: Reuters: Money News | 23 Sep 2008 | 12:24 pm Now, domestic firms eye land in Latin America for farming - Business Standard
Source: Google News India - Business | 23 Sep 2008 | 12:24 pm Indian cash rates fall on repo, but money still tight - Reuters India
Source: Google News India - Business | 23 Sep 2008 | 12:22 pm N-deal with India to support 2.5 lakh high-tech jobs in US - Business Standard
Source: Google News India - Business | 23 Sep 2008 | 12:20 pm StanChart names Hemant Mishr Global markets headForeign lender, Standard Chartered, on Tuesday announced the appointment of Hemant Mishr as head of Global markets in the country.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 12:20 pm Telecom Italia says M&A not on agendaROME (Reuters) - Mergers and acquisitions are off Telecom Italia SpA's agenda and newspaper reports about potential deals are baseless, Chief Executive Officer Franco Bernabe said on Tuesday.Source: Reuters: Money News | 23 Sep 2008 | 12:18 pm Do not lose credibility with forces: IAF chiefAir chief Fali Homi Major said the country's private industry should not to lose its credibility while dealing with the defence forces.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 12:14 pm Tata buys 7.29% stake in Riversdale MiningTata Steel has bought 7.29 per cent additional stake in Australia-based Riversdale Mining for a sum of USD 120.7 million, through its Singapore subsidiary.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 12:08 pm BSE Sensex drops 3 pct on U.S. economic worriesBANGALORE (Reuters) – The BSE Sensex fell 3 percent on Tuesday in their biggest drop in a week, on concern the U.S. government's $700 billion bailout package to rescue the ailing financial sector may not be enough to revive the U.S. economy.Source: Reuters: Money News | 23 Sep 2008 | 12:07 pm Mkts plunge, Sensex closes down 425 pts - Indian Express
Source: Google News India - Business | 23 Sep 2008 | 12:02 pm Paulson urges Congress not to slow bailout billWASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson urged Congress on Tuesday not to weigh down a proposed $700-billion financial system bailout with unrelated provisions that would delay addressing key issues.Source: Reuters: Money News | 23 Sep 2008 | 12:01 pm First Amritraj-Rel Entertainment film to hit screensAshok Amritraj and Anil Ambani's Reliance Entertainment will Oct 31 unveil their first film under a unique five-year, co-production deal - a comedy "The Other End of the Line".Source: Daily News & Analysis: Money News | 23 Sep 2008 | 12:00 pm Anshul Ambani left behind in shareholding!History it seems repeats itself, going by what is suggested in the shareholding pattern of Reliance Natural Resources Limited.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 11:57 am Rel Power eyes onstream gen capacity of 28K MW in 8 yrsAnil Ambani, speaking at the Reliance Power Annual General Meeting, said that his company plans to bring on stream generation capacity of 28000mw over eight years, and that it aims at increasing solar and wind power portfolio. He added that government needs to make policy changes to permit private players in nuclear power.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 11:53 am Mkts end with sharp cut; Bankex, IT, Realty dip 4 - Moneycontrol.com
Source: Google News India - Business | 23 Sep 2008 | 11:32 am Sensex drops 3% on US economic worriesBangalore: Indian shares fell 3% on Tuesday in their biggest drop in a week, on concern the US government’s $700 billion bailout package to rescue the ailing financial sector may not be enough to revive the US economy. “There is complete lack of liquidity in the market as new funds are not coming in and those that are there are withdrawing money,” said Neeraj Dewan, director at Quantum Securities in New Delhi. Major European markets also dropped and US stock futures pointed to a lower start on Wall Street, as investors awaited details of the bailout plan from US Treasury Secretary Henry Paulson’s testimony to the Senate Banking Committee. India’s No. 2 software services exporter Infosys Technologies led the fall, losing 5.2% to Rs1,543.35, on growing worries about outsourcing prospects amid a global financial turmoil. Traders said high oil prices also stoked worries about inflation in Asia’s third-largest economy, which imports about 70% of its oil. “Investors should stay on the sidelines as the volatility is expected to continue for some time and the market will basically move depending on the news flow from overseas markets,” Dewan said. The main 30-share BSE index ended down 3.03%, or 424.65 points, at 13,570.31, after having fallen as much as 3.2%. It had earlier pared its losses to as much as 0.1% on short covering ahead of futures expiry on Thursday. All but two of the index’s components lost ground. The BSE index has lost 33% so far this year on foreign fund withdrawals of about $9 billion. No. 2 lender ICICI Bank fell 5.5% to Rs599.70, its biggest single-day fall in a week, on concerns high crude prices will diminish the possibility of monetary policy easing in the near term. Top lender State Bank of India lost 4.1% to Rs1,502.75 rupees and smaller private rival HDFC Bank closed 4.6% lower at Rs1,237.70. The banking sector index ended down 4.2%. Crude November futures eased to around $108 a barrel after climbing sharply on Monday, when the October contract posted a historic one-day jump of nearly 16 percent to over $120 on expiry. High energy prices have been a key factor behind inflation that was running at 12.14 % in early September and the central bank tightening its monetary policy aggressively. “If the inflation in India doesn’t come down because of the high oil prices, then the chances of interest rates coming down also becomes slimmer,” said Amitabh Chakraborty, president of equities at Religare Securities. Top outsourcers such as Tata Consultancy Services and Satyam Computer Services shed nearly 6% each to Rs720.75 and Rs331.65 respectively. The two firms get bulk of their revenue from banks and financial institutions. In the broader market, 1,828 losers overwhelmed 761 gainers on volume of 232 million shares. The 50-share NSE index fell 2.28% to 4,126.90. Source: Home - Livemint.com | 23 Sep 2008 | 11:32 am Punj Lloyd bags $800 mn contract from Qatar PetroleumMumbai: Engineering firm Punj Lloyd on Tuesday said it has bagged a $800 million (Rs 3,636 crore) contract for construction related work from Qatar Petroleum. In a filing to the Bombay Stock Exchange, Punj Lloyd said that under the contract it would undertake engineering, installation and commissioning order for laying of 211 km pipeline. The project would be completed in 32 months. “This is the fourth Engineering, Procurement and Construction (EPC) contract that we have bagged in Qatar. The project will facilitate in meeting the power and water production growth of Qatar,” Punj Lloyd Group Chairman Atul Punj said. The company is also executing EPC projects, including the Doha Urban Pipeline Relocation and the Multi-Product Pipeline from Qatar Petroleum Refinery to Doha Depot and fuel systems for the New Doha International Airport. “Owing to the rapid infrastructure and oil and gas development in the region, we will continue to secure large ticket orders for our portfolio,” he added. With this, the order backlog for Punj Lloyd Group stands at Rs24,063 crore. Shares of Punj Lloyd were trading at Rs296.70, up 0.95% in the late afternoon trade on the BSE. Source: Home - Livemint.com | 23 Sep 2008 | 11:23 am Lehman re-opens under Barclays ownershipLehman Brothers' North American operations, which were acquired by global financial services major Barclays, has reopened under the new ownership.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 11:17 am No discounts on this DiwaliIf you are hoping for some rebate and lower prices for new colour television this Diwali, then you could be in for disappointment.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 11:16 am Alok Industries plans to open 500 stores - Sify
Source: Google News India - Business | 23 Sep 2008 | 11:03 am FM at the click of a mouseWith Internet radio, obscurity is no longer a barrier. Just about every rare cover by every unknown band, every alternate or live recording is somewhere on the internet, and they’re only getting easier to find, thanks to the new generation of online radio sites. There are still, of course, the traditionalists—radio stations playable through your music players, be it iTunes, Winamp or Windows Media Player. Of note is RadioVerve (radioverve.com), which plays independent music from Indian bands. But in the other corner, interesting variations on the theme are gaining popularity. Some are mashups of social networks and radio stations. Others offer on-demand music streamed to your computer, while others help you explore new music.  RadioVerve (radioverve.com) plays independent music from Indian bands Last.fm is a trickier proposition. It is undoubtedly a social network first—the program ‘learns’ your music tastes, taking note of every song that you voted up/commented on, and bundles you together with a ‘musical neighbourhood’ of users with similar tastes. It begins to create your very own personalized radio station, using a system called ‘Audioscobbler’, generating it on the fly based on your listening habits. It also creates your own music charts, providing an admittedly cool look at the musical territory you cover. You can’t, of course, choose the songs you want played directly—instead, last.fm does something interesting. ‘Pick your favourite song/artist’, it urges you—and let it take over as DJ. Behind the scenes, the complex algorithms creak into life, and it mixes and matches music recommended by other users with similar tastes. The results are often brilliant, and quite surprising—and only get better the more you use the service. Last.fm does not feature ads in the music, and you can skip tracks as you please. It’s also downloadable as a separate application. Numerous add-ons for other players are also available—recommended is Foxytunes (http://www.foxytunes.com/), an add-on for Firefox that puts last.fm controls right in the browser screen, so music is never more than a click away. Most ‘social music’ sites have reeled under copyright problems, and have had much of their functionality crippled by these legal difficulties. Last.fm itself had to remove much of its customization features. An excellent service called Pandora (pandora.com), which lets you explore new music, based on the Music Genome Project (http://en.wikipedia.org/wiki/Music_Genome_Project), a research initiative to describe music using a system of underlying ’genes’, is no longer available outside the US. A handy, but less extensive alternative is StumbleAudio, similar to popular web site discoverer Stumpleupon. Be warned though, it does have quite an indie bent, and may throw up quite obscure music. Others are greyer still on the copyright front. Sites like Seeqpod.com, deezer.com and songza.com, dispense with all the social networking and stream on-demand tracks to your heart’s content. The song One Night Carnival by J-Pop band Kishidan, you say? Right on it. There are, of course, hundreds of other sites and stations in various flavours and types. Searching and filtering for music is only going to get easier on the Internet with all these listening options, further legal problems notwithstanding. Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 11:02 am Bernanke - global markets under "extraordinary stress"WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke told the U.S. Congress on Tuesday that financial markets are under severe stress and urged immediate action to buy up hundreds of billions of dollars worth of tainted mortgage assets.Source: Reuters: Money News | 23 Sep 2008 | 11:01 am Bharat Oman Refineries to go ahead with IPO plansBy PTI Mumbai: Bharat Oman Refineries Ltd (BORL), a joint venture between Bharat Petroleum Corporation and Oman Oil Company Ltd, is ready to announce its proposed IPO plan, a top company official said here. BORL is implementing a six-million tonnes per annum (mtpa) greenfield refinery at Bina, Madhya Pradesh. “The company is preparing for its IPO, but it’s not immediate. We are yet to get our final clearance from the Securities and Exchange Board of India (SEBI). We are meeting some queries from Sebi,” Bharat Petroleum’s chairman and managing director, Ashok Sinha, told reporters here. “We are not in a hurry to float our IPO. We will take it as and when we feel comfortable,” Sinha said. BPCL’s Bina refinery will be commissioned by December 2009 to help the company meet its requirements in central and northern India. The company has spent Rs 9,275-crore for the Bina project, completing 75% of the construction. The estimated capital outlay for the project is Rs10,378 crore. The project is proposed to be financed at a debt-equity mix of 1.6:1. Both BPCL and Oman Oil Company Limited (OOCL) have contributed Rs75.5 crore each towards the equity share capital of the company. Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 11:01 am Relaxed ECB norms to aid power, tele cos: ExpertsExperts feel that ECB norms relaxation is a positive move; however, it doesn\'t help them. They feel that power and telecom can raise significant money via ECBs.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 10:59 am Lehman re-opens under Barclays ownershipNew York: Lehman Brothers’ North American operations, which were acquired by global financial services major Barclays, has reopened under the new ownership and over 10,000 employees have been offered jobs in the combined entity. These actions follow the Bankruptcy Court for Southern District of New York’s approval for Barclays acquisition of Lehman Brothers’ North America operations which include fixed income and equity sales, trading and research, prime services, investment banking, principal investing and private investment management businesses. The integration process for the combined businesses began immediately after the court’s decision, Barclays said in a statement on Monday night. However, the process is still continuing, thus Lehman’s sales and trading business was not able to conduct business on Monday, while the capital markets and trading businesses would become fully functional shortly, it added. “Employment offers have been made to all employees of the Lehman Brothers businesses that have been acquired by Barclays Capital, including Lehman Brothers Private Investment Management business, transferring to Barclays Wealth, the wealth management arm of Barclays PLC,” the statement said. The combined firm would use Barclays Capital name, while the financial major has also purchased rights to use Lehman Brothers name and would consider opportunities to do so. “ Barclays-Lehman Brothers partnership is now a reality. With all that our combined firm has to offer, we have a great business to tell our clients about. We have been delighted by the enthusiastic response of the senior Lehman brothers executives to whom we have offered leadership positions in our combined firm,” Barclays PLC President Bob Diamond said. Source: Home - Livemint.com | 23 Sep 2008 | 10:58 am RIL-RNRL tussle continues: Anil Ambani fires another salvo - Moneycontrol.com
Source: Google News India - Business | 23 Sep 2008 | 10:57 am Reliance scouting for oil properties in Latin AmericaAfter securing exploration assets, Mukesh Ambani-run Reliance Industries is now aggressively scouting for discovered oil and gas properties in Latin America, Middle East and Far East.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 10:47 am RIL to pump 89 mmscmd of gas from D6 block by 2010Reliance Industries will pump 89 million standard cubic meters per day of natural gas from its prolific D6 block in eastern offshore Krishna Godavari basin by 2010.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 10:46 am AIG investors thrash out alternatives to Fed takeoverShareholders of the troubled American giant AIG are looking for private sector alternatives to save the company and prevent dilution of their holdings following government's bailout package.Source: Daily News & Analysis: Money News | 23 Sep 2008 | 10:46 am Moser Baer raises Rs 415 for expansion - Hindu
Source: Google News India - Business | 23 Sep 2008 | 10:44 am Citi appoints Corbat as Global Wealth Management unit headBy PTI New York: Global financial services company Citigroup has appointed Mike Corbat as chief executive of the Global Wealth Management unit following the decision of Sallie Krawcheck leaving the company to pursue other opportunities. Citi has also appointed Edward Ned Kelly as head of Global Banking for the Institutional Clients Group (ICG). Both will report to John Havens who is CEO of ICG. “The two appointments will align their talents with the company’s strategic goal of deepening its institutional and individual client relationships around the world. The moves will also increase coordination between GWM and ICG, underscoring the company’s priority to deliver the full benefits of the entire Citi franchise to its clients, extending beyond historic business lines,” Citi said in a statement on Monday. Corbat is a 25-year veteran of Citi’s institutional business and has held many senior domestic and international roles, including Global Head of the Corporate and Commercial Bank. Commenting on Krawcheck, Citi’s India-born chief executive Vikram Pandit said, “she has an impeccable reputation and has represented Citi well with our top clients and key constituencies around the world.” Krawcheck would remain chairman of GWM through the end of the year to ensure orderly transition. Meanwhile, as head of Global Banking, which includes Investment Banking and the Corporate and Commercial Bank, Kelly would lead the firm’s efforts to comprehensively serve the financial needs of corporations, financial institutions and governments. Kelly would continue to oversee Citi Alternative Investments (CAI). Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 10:44 am 315 Hypermarkets expected in Tier 1 and II cities by 2010: AssochamNew Delhi: In a study conducted by Assocham and KPMG has made a forecast indicates that 315 hypermarkets will come up in most Tier I and Tier II cities by 2011 which will offer a range of articles from automobiles to needles under one roof. The study,`Reinventing India’s Retail Sector’ in its analysis of Feasibility of Hypermarkets in Tier I & Tier II towns between 2008-11 points out that that even in year 2008, 212 towns have sufficient market potential for hypermarkets for break even existence. That is a different matter that this potential has yet to be realized. Organized retailers in India have established their presence beyond the major metros and have percolated to top 50 – 60 urban cities and towns. Among large format retail chains, Future Group’s Big Bazaar is currently the most deeply penetrated with 90+ hypermarkets in 45+ towns. From a retailer’s perspective, the initial focus on the top 50 cities appears to be logical since these account for a significant share of urban consumer population and disposable income. However, going forward, relative attractiveness of these cities is expected to reduce, especially with increased competition from existing domestic retailers. When global giants such as Wal-Mart, Tesco and Carrefour commence operations in the Indian market, like their Indian competitors, they will initially concentrate on larger cities. Resultantly, for the next 5 – 7 years, foreign retailers are not expected to establish presence of their large format hypermarkets beyond the top 40 – 50 Indian cities. Moreover, benefits of India’s economic boom are not likely to be limited to larger cities alone as consumers in smaller town begin to mirror aspirations of their counterparts in larger cities. A key finding of the study is that urban towns beyond the top 50 will provide considerable untapped opportunity for organized retail players. Key Findings * Responding to increase in number of households, income and consumption levels, five or more hypermarkets are likely to come up in 25 bigger towns by 2008 *Organized retail is expected to grow by 15% by the year 2010 when there would be about 475 hypermarkets across 400 Indian towns * Tier III, IV and V towns will be on the radar of retail majors who will have to factor in varying consumption patterns; annual disposable incomes and household expenditure levels are higher in larger cities as compared to smaller towns and percentage spend on food and grocery lower since consumers in larger cities spend more on lifestyle-driven categories such as consumer electronics, eating out and entertainment * Variations in spending patterns exist at a sub-category level. While microwave ovens, ready-to-eat foods and white formal shirts regularly feature on hypermarket shelves in Tier I & II towns, these sub-categories may not find an addressable market in smaller towns. Retailers will have to account for these consumption patterns before deciding on the kind of stores they open up * Availability of 25,000 – 30,000 sq ft for a single store in high street locations may be a deterrent for retailers in smaller towns. Mall development is not expected to move beyond tier I & II cities in the next 3 – 5 years, especially given the current slowdown in the property market * Retailers are likely to face difficulty in recruiting sales staff and store managers with an understanding of retail operations. Also, developing and managing an efficient supply chain and logistics network catering to stores in smaller towns will require significant investments, creating need for a cost-benefit analysis Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 10:20 am Mitsubishi UFJ Fin Grp may buy 1020% in Morgan StanleyMitsubishi UFJ Financial Group, Japans largest bank said that it planned to buy between 10% and 20% of the common stock of US investment bank Morgan Stanley. MUFJ said it would decide on the amount it would pay after carrying out due diligence.Source: Moneycontrol Top Headlines | 23 Sep 2008 | 10:19 am India’s wheat production plateauingNew Delhi: In the backdrop of declining soil fertility in wheat growing areas, the government will find it difficult to significantly improve prospects for the foodgrain year from an all-time record of 78.40 million tonnes achieved in 2007-08. Better rainfalls in the northern states, which contribute to the bulk of the wheat granary, would not help the situation because, “in high-productivity areas, wheat yields seem to be plateauing,” a government statement said. The Agriculture Ministry has set a conservative target of 78.50 million tonnes, a shade above last year. Sowing for wheat will begin in October mainly in Punjab and Haryana and the Centre will be asking the states to ensure that the sowing is completed by November-end. The Ministry will do a brain-storming on Wednesday with agriculture scientists and policy makers, both from the Centre and the States to discuss ways to improve the yield. The meeting would address the important issue of decreasing soil fertility. “Decreasing soil fertility due to reduction in carbon and increased deficiency of micro-nutrients are ... important factors responsible for low productivity,” it said. India achieved a record wheat production last year which saw an increase of about three million tonnes over 2006-07. This helped the government to procure over 22.6 million tonnes for meeting the public distribution requirement. Its godowns have built strategic reserve of three million tonnes. But according to experts, the challenge is to keep the production growing in commensurate with increasing demand that had led to hardening of prices of foodgrains. The government is battling the inflation of over 12% and the management of food prices remains a key area of concern. Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 10:13 am Etisalat to buy stake in Swan TelecomAbu Dhabi-based Emirates Telecommunications Corp ETEL.AD (Etisalat) will tie up with India's Swan Telecom, Minister of Communications and IT A. Raja indicated here Tuesday.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 10:00 am Kingfisher defers aircraft delivery, cuts jobsWith the recession in the aviation sector worldwide, private Indian carrier Kingfisher Airlines Tuesday said it had deferred deliveries of a number of Airbus aircraft and sacked 300 employees.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 10:00 am AIG investors thrash out alternatives to Fed takeoverLondon: Shareholders of the troubled American giant AIG are looking for private sector alternatives to save the company and prevent dilution of their holdings following US government’s $85 billion bailout package, media report says. Investors, including representatives of former chief executive Maurice Hank Greenberg, are working out private sector alternatives to the takeover by the US Federal Reserve, UK daily The Telegraph stated. Greenberg, who ran Manchester United sponsor AIG for 38 years and controlled an 11% stake, has seen the value of his holding dive by more than $5 billion in weeks. Last Friday, AIG confirmed that the Fed would take a 79.9% equity stake in return for allowing the insurer to borrow up to $85 billion via a 24-month credit facility at rates of three-month Libor plus 8.5%. It has already drawn $25 billion, the paper said. AIG said, “The corporate approvals and formalities necessary to create this equity interest will depend upon its form,” implying investors may have no vote on the rescue, The Telegraph reported. Greenberg has claimed that AIG might have avoided the Fed takeover if it had taken out a bridge loan, sold assets and raised fresh capital. “How can it be the right move if shareholders lose 80% of their equity?” he asked. David Boies, Greenberg’s attorney, said lawyers acting for other investors had contacted him about the meeting. AIG’s leading shareholders include Axa, Dodge & Cox, Davis Selected Advisers and Legg Mason. However, Fidelity, another top investor, did not attend, the paper said. Source: Home - Livemint.com | 23 Sep 2008 | 9:55 am British PM bids to silence rebels in crunch speechManchester: British Prime Minister Gordon Brown hoped to silence critics Tuesday , 23 September, with a make-or-break speech to the Labour Party conference, which is convulsed with talk of plotting against him. Brown was under pressure to give one of the best addresses of his career at the convention in Manchester, northwest England, to convince rebels he should hang on to the job he took over from Tony Blair just 15 months ago. The dour 57-year-old Scot, Blair’s finance minister for a decade, has united his party here, at least in public, by arguing his experience best qualifies him to steer Britain through the current economic turbulence. But he must build up long-term goodwill before lawmakers return to parliament after the summer break on 6 October, when commentators say the rebellion could flare up again. He was expected to emphasize his economic experience during the speech at 2:15pm (1315 GMT) while highlighting personal crises like losing the sight in one eye at age 16, which he says gave him the determination to triumph over adversity. Its theme was to be “fairness” and a promise to “create rules that reward those who play by them and punish those who don’t,” the BBC reported. “In this world of vast economic and social change, new opportunity for all must be matched with a new responsibility from all,” it said Brown would tell the conference. “Our aim is a something-for-something Britain, nothing-for-nothing Britain.” Last week’s financial chaos saw the collapse of US investment bank Lehman Brothers, nationalization of insurer AIG and takeover of HBOS, Britain’s biggest mortgage lender. The speech represents a turning point in deciding whether Brown stays in Downing Street long-term, the right-wing Daily Mail newspaper said in an editorial. “The Prime Minister must make the speech of his life,” it said. “There’s still just a chance that, 12 months from now, people will be reflecting... on what a difference a year makes.” Four junior members of the government left their jobs this month after questioning Brown’s leadership, while 12 lawmakers have called for a leadership contest. Labour will have to battle hard to secure a fourth term in the next general election, which must be held before mid-2010. A ComRes/Sunday Independent poll this week put Labour 12 percent behind the main opposition Conservatives, led by David Cameron. Foreign Secretary David Miliband is favourite to take over if Brown goes but says he does not want a leadership contest. After his speech Monday, Miliband was overheard saying he had toned it down to avoid a “Heseltine moment”, the BBC reported. This was a reference to former Conservative Cabinet minister Michael Heseltine’s doomed ambition to succeed Margaret Thatcher, who was forced from office in 1990. Even if his conference speech does go down well with party loyalists, Brown faces several challenges in the coming months which could still trigger his departure. The first is a by-election in Glenrothes, the neighbouring constituency to his own north of Edinburgh, where the pro-independence Scottish National Party (SNP) could snatch the seat from Labour. The by-election is likely to take place in November, and will be the fourth Labour has contested this year. It has lost all of them, including two strongholds. One rebel lawmaker, Graham Stringer, told BBC radio it would be “surprising” if there were not a leadership challenge by mid-2009. He contrasted the mood of public unity in Manchester with the speculation among insiders in private. “I think there are two conferences—there’s the one going on in the hall and there’s the one that takes place in the bars and the fringe meetings,” he said. Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 9:51 am Cadila investors approve share swap for restructuringMumbai: Pharmaceutical firm Cadila Healthcare on Tuesday said its shareholders have approved the restructuring of its consumer products division as subsidiary firm under Carnation Nutra Analogue-Foods for an agreed share swap ratio of 4:15. The shareholders and unsecured creditors have approved a scheme under which Carnation would allot four shares to the shareholders of Cadila Healthcare, for every 15 shares held in the company, Cadila Healthcare said in filing to the Bombay Stock Exchange. Under the scheme of arrangement, Cadila Healthcare would demerge its consumer products division (CPD), and merge Zydus Hospitals and Medical Research with itself. Carnation is a 61.56% subsidiary of Cadila Healthcare. The board of Cadila had earlier approved the modalities of the business restructuring and had said that the process would be completed by early 2009. Pursuant to the restructuring, Carnation would continue to remain a listed subsidiary of the parent firm. However, the scheme of arrangement is subject to Gujarat High Court’s approval. Shares of the Cadila Healthcare were trading at Rs330, down 0.15%, while Carnation Nutra-Analogue Foods at Rs92, down 7.68% in the late afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 9:43 am Additional charges to be levied on extra 2G spectrumInformation Technology and Communications Minister A. Raja Tuesday said telecom operators willing to use 2G spectrum beyond 6.2 MHz will have to pay additional charges.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 9:30 am Food safety body wants Chinese dairy products bannedIndia's Food Safety and Standards Authority (FSSA) has sought a three month ban on import of dairy products from China, where nearly 53,000 children have fallen ill after consuming milk powder contaminated by the industrial chemical melamine.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 9:30 am BA cancels Pakistan flights indefinitely: airlineIslamabad: British Airways has “indefinitely” cancelled all flights to the Pakistani capital Islamabad amid security concerns after the bombing of the Marriott hotel, the airline said Tuesday, 23 September. BA issued a statement confirming the cancellation of its six weekly services to Islamabad, the only destination it flies to in Pakistan, a day after saying that it was only temporarily suspending flights. “In light of the security situation in Pakistan, British Airways has cancelled its flights from Islamabad to Heathrow indefinitely,” a British Airways statement said. “The safety and security of our customers, our staff and our operation is always our absolute priority.” A suicide bomber rammed a truck packed with more than half a tonne of explosives into the security gates of the Marriott on Saturday, killing at least 60 people and wounding more than 260. BA said that it would only restart flights to Pakistan when it was sure that the nuclear-armed Islamic republic was safe to fly to. “The airline will resume its flights as soon as the security situation improves in the country,” an Islamabad-based spokesman for the airline told AFP. Customers with bookings who had not yet started journeys to or from Islamabad could apply for a full refund, while those mid-way through the journey should contact BA for their options, the airline said. “BA is in discussion with a number of operators to provide additional options for passengers to travel to or from Islamabad,” the statement said. Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 9:30 am Etisalat grabs 45 percent stake in India's SwanDUBAI (Reuters) - Emirates Telecommunications Corp bought a 45 percent stake in India's Swan Telecom on Tuesday for around $900 million, accelerating the Gulf telecom company's expansion drive into higher-growth markets abroad.Source: Reuters: Money News | 23 Sep 2008 | 9:26 am Lehman bond holders likely to lose $100 billion: ReportLondon: Bondholders of the beleaguered Lehman Brothers may lose $110 billion (Rs5 trillion) due to the decline in the asset values of the fourth-largest investment bank in the US, media reports say. The value of the bonds of Lehman Brothers saw a major fall after the investment bank filed for bankruptcy protection, the Financial Times report said adding, “Further losses on its derivatives positions, which are still being unwound, could leave even less on the table for bond investors.” According to the FT report, Loomis Sayles vice-chairman Dan Fuss has said, “I don’t know how this will play out for bondholders, but I doubt if its going to be good.” Loomis Sayles has a small holding in Lehman bonds. The losses would have a far-reaching effect on ordinary investors, FT said as Lehman bonds were widely held by investors such as pension funds and mutual funds. Meanwhile, those who sold protection against a default or Lehman bankruptcy will possibly recover 18 cents on the dollar when the contracts settle in a complicated auction 10 October, the report added. Before Lehman filed for bankruptcy, its $110-billion of senior bonds were quoted around 95 cents on the dollar. Bond prices then plunged to 35 cents a week ago. They are now trading at about 18 cents to the dollar. Quoting Kathleen Shanley of Gimme Credit, an analyst from a credit research firm, FT said, “Lehman bonds are trading in the high teens, which reflects the bankruptcy filing, in which a large number of creditors are competing for a shrinking pool of assets of uncertain value”. Last week, Lehman inked a deal to sell the North American investment banking business to Barclays for $1.75 billion. “Even though approval of the deal was rushed through court, lawyers for Lehman Brothers said asset values then dropped to $47.4 billion from about $70 billion,” the report said. In its bankruptcy filing, Lehman listed total debts of $613 billion, making it the largest ever US bankruptcy with $128 billion in debt securities, including $110.69 billion unsecured debt, $17.6 billion in unsecured, subordinated obligations, the media report said. Further, FT quoted creditors as saying that Lehman can be involved in the government’s plan to set up a $700-billion fund to buy distressed mortgage assets. So far, there had been no formal discussions among the creditors about this, said a person involved in the bankruptcy case. The facility could boost recoveries for various creditors. Source: Home - Livemint.com | 23 Sep 2008 | 9:07 am Conciliatory talks on to avoid bank strikeChief Labour Commissioner S.K. Mukhopadhyay Tuesday began conciliatory talks with leaders of banking unions in New Delhi to avoid the proposed bank strike Wednesday and Thursday.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 9:00 am India to work closely with Africa towards developmental goalsBy PTI United Nations: India has renewed its commitment to work closely with Africa to meet the diverse challenges faced by the continent and to enable it to achieve its development targets. Addressing a high level meeting on Africa’s development, Minister of State for External Affairs Anand Sharma stressed on close economic ties that India enjoys with African nations. India, he said, has a long-standing, close and multi-layered relationship with Africa based on “our abiding commitment” to work with the continent to fulfill its aspirations. The partnership, he stressed, encompasses priority sectors integral to the developmental goals of Africa in the 21st century. “A vibrant India and a resurgent Africa are witnessing an intensification of relations and growing convergence of interests in their common quest for sustainable economic growth and development,” he added. Sharma said India has always been committed to elevate its special engagement with Africa into an enduring partnership by developing an institutional mechanism for India-Africa dialogue. In this context, he said, the first-ever India Africa Partnership Forum Summit held in New Delhi in April was convened in partnership with the African Union. The Delhi Declaration and the Africa-India Framework for Cooperation adopted at the Summit, he said, “highlight our shared political vision and world view and provide a solid foundation for a systematic and stepped-up engagement in the years to come.” Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 8:50 am Swiss Re expects $300 mn claims for storms Gustav, IkeZurich: The world’s largest reinsurance group Swiss Re on on Tuesday said it expected net claims for Hurricanes Gustav and Ike to reach about $300 million. Swiss Re said the deadly Hurricane Gustav, which swept across the Caribbean and slammed into the southern United States at the beginning of September, was estimated to have caused total insured losses of $2.5 to 4 billion. The Swiss reinsurer’s net claims for that hurricane, after hedging and reinsurance protection, were expected to reach $50 million. Hurricane Ike, which ravaged the region and battered Texas two weeks later, was meanwhile estimated to have caused damage worth between $7 and $14 billion. Swiss Re said its claims for Ike would reach $250 million. Source: LatestNews-Home - Livemint.com | 23 Sep 2008 | 8:38 am Hinduja company gets nod to distribute foreign channels in IndiaPlanet E Shop Holdings India Ltd (PESHIL), an affiliate of Hinduja Ventures, has obtained the government's permission to downlink and distribute foreign TV channels and content in India.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 8:30 am RBI to keep lending rate steady - MacquarieMUMBAI (Reuters) – The Reserve Bank of India (RBI) will keep its short-term lending rate unchanged at 9.0 percent at the next policy review on Oct. 24 and may cut it in 2009, Macquarie Securities has said in a research note.Source: Reuters: Money News | 23 Sep 2008 | 8:20 am Reliance scouts for oil in Latin America, MideastMumbai: After securing exploration assets, Mukesh Ambani-run Reliance Industries is now aggressively scouting for discovered oil and gas properties in Latin America, Middle East and Far East. Reliance, which has 12 oil and gas assets in seven countries, has till now been concentrating on exploration assets and as production from these starts it is changing gears, a top company official said. “We are now more open to buying producing or discovered assets. Earlier that was not the case,” Reliance President and CEO (Oil and Gas) P M S Prasad said here. Reliance has oil blocks in Peru, Australia, Iraq, Yemen, East Timor, Oman and Colombia. “Our focus is Latin America, Middle East and Far East. We are not looking at Russia, West Africa and Central Asian countries,” he said. Reliance was looking at properties which have synergy to its existing business. “Heavy oil (found in Latin America) is something good for our refineries. The focus on Latin America is just because of that.” The company’s existing 660,000 barrels per day refinery at Jamnagar and the new 580,000 bpd only for exports unit coming up at the same place in next few months are designed to process heavy crude that give good margins. Prasad did not rule out Reliance looking at acquiring medium sized companies. Till now Reliance was averse to acquisitions. “We now have enough of exploration assets and we now want to bring a better value (through producing or discovered assets).” “We want to go to places where we can win on merit,” Prasad said. Reliance for the first time ever teamed up with China’s CNPC to win a gas block in Peru. Reliance Exploration and Production DMCC, its overseas arm, along with China National Petroleum Corp (CNPC) and Argentina’s Pluspetrol this month won rights to explore for gas in Block 155, in the southern highland department of Puno, next to the border with Bolivia. Reliance has since April this year steadily increased its presence in the Latin American nation. On 29 June, it acquired 10% stake in Lot 39 in northern Peru from Burligton Resources Inc. In May, it had teamed up with Woodside Petroleum to acquire 50% in Block 108 in Peru from Pluspetrol Energy SA. Of the 50% stake acquired, Reliance got 30% while Woodside Petroleum 20%. Pluspetrol Energy will retain the remaining 50% stake. The company also acquired 90% stake in Block 141 in Peru from Pan Andean Resources Plc in April this year. Besides Peru, Reliance has one block in Bonaparte Basin in Western Australia, two blocks in Iraq, three in Yemen, one in East Timor and two each in Oman and Columbia. Source: Home - Livemint.com | 23 Sep 2008 | 8:14 am Sreedharan's Hyderabad Metro comments stir controversyDelhi Metro Rail Corporation (DMRC) managing director E. Sreedharan calling the Hyderabad Metro Rail project a 'scandal' in the making has caused embarrassment to the Andhra Pradesh government and has triggered upheaval in political circles.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 8:00 am Gujarat firm accuses two employees of stealing coal worth Rs.3.6 mnGujarat NRE Coke Ltd unit has filed a complaint against two of its employees, accusing them of illegally selling coal worth Rs.3.6 million, police said Tuesday.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 8:00 am Security guard at Tata's Singur plant beaten upA private security guard at the Tata Motors plant in Singur in West Bengal was beaten up by a group of unidentified men even as work at the factory once slated to roll out the world's cheapest car Nano continued to be suspended for the third week running.Source: IndiaeNews.com: Business News | 23 Sep 2008 | 7:30 am Sterlite Technologies in talks to buy UK firm: reportMumbai: Sterlite Technologies Ltd is in advanced discussions to acquire UK-based cabling company Brand Rex for about $55 million, a newspaper said on Tuesday citing sources. The acquisition, advised by PricewaterhouseCoopers, could be unveiled about four weeks after completion of formalities, The Economic Times reported. Sterlite Technologies declined to comment on the report. “As a company policy we do not comment on market speculation or market rumours,” a company spokesman told Reuters. Sterlite Tech is part of Anil Agarwal’s Sterlite Group, and manufactures optic fibre cables and power conductors. Brand-Rex provides cabling systems that connect technical equipment in offices and data centres. It was acquired by Murray Capital, the private equity arm of Murray International Holdings in February 2008, information on its website showed. Source: Home - Livemint.com | 23 Sep 2008 | 6:27 am Era of investment banks at Wall Street endsWashington: The conversion of Goldman Sachs and Morgan Stanley to regulated commercial banks marks the end of an era of independent Wall Street investment firms and a separation in the industry since the 1930s. The change, announced late on Sunday by the Federal Reserve, closes the door on the last two major Wall Street firms as independent, largely unregulated entities. The two firms will easier access to credit and help them ride out the financial crisis. But their conversion also ends an era of clubby and massively profitable “white shoe” investment firms operating on Wall Street. The announcement completes an overhaul of the structure of the banking industry, which had been broken up in the 1930s into commercial and investment banks under the Glass Steagall Act, to help restore confidence in the Great Depression. “This is really the end of Wall Street as we have known it for decades if not for a century,” said Nouriel Roubini, a New York University economist who has argued that the Wall Street firms were part of an unregulated “shadow banking system” that led to speculative market excesses. “Two decades of development of the shadow banking system - as a way to arbitrage the tighter regulations of the formal banking system - created massive financial instability and the worst financial crisis since the Great Depression,” Roubini added. The investment banks began falling with the demise of Bear Stearns in March, which had to be rescued by JPMorgan Chase at a bargain-basement price from a death spiral because of its massive losses from the real estate meltdown. Earlier this month, Lehman Brothers filed for bankruptcy when it failed to find a partner or government aid, and Merrill Lynch was forced into a marriage with Bank of America. Goldman and Morgan Stanley had been the last two major independent Wall Street banks, but had been under intense pressure to find merger partners in the face of financial market storm on fears of further collapses in the sector. The change on Wall Street “means the investment banks wanted the comfort and security of mama bear,” said Sheldon Liber, chief executive of Capital Innovations, a private investment company. “They wanted the protection of the Federal Reserve, along with the ability to borrow from it at the discount window, and in a worst case scenario, to be bailed out like everyone else.” Morgan Stanley said separately it had struck a deal in which Japanese megabank Mitsubishi UFJ Financial Group Inc. will buy 20% of ailing US firm in a deal worth up to $8.5 billion. The shakeup came as the US Congress considered an unprecedented $700 rescue plan designed to bail out the troubled financial industry reeling under the weight of bad mortgage loans. Both Goldman and Morgan Stanley have had access to Fed credit as a “primary dealer” of securities under a temporary program announced by the Fed after the collapse earlier this year of Bear Stearns. But that program is set to expire next year. Ironically, the new landscape on Wall Street comes decades after the Depression-era rule to separate investment and retail banking due to the boom-and-bust that preceded that crisis. Source: Home - Livemint.com | 23 Sep 2008 | 6:22 am Pyramid Saimira shares dip after expansion cutbackReuters Mumbai: Shares in Pyramid Saimira Theatre Ltd opened down 2% on Tuesday after a top official said it has cut down on its expansion plans with double-digit inflation hitting entertainment spending. “The theatre chain has closed down 25 screens in western India and another eight in northern India in the last two months,” Chairman P.S. Saminathan said on Monday. Shares in the company were later trading down 1.6% at Rs114.10 in a weak Mumbai market. Source: Home - Livemint.com | 23 Sep 2008 | 6:02 am Immigration boom slows as US economy faltersWashington: The wave of immigrants entering the United States slowed dramatically last year as the economy faltered and the government stepped up enforcement of immigration laws. The US added about a half million immigrants in 2007, down from more than 1.8 million the year before, according to estimates being released Tuesday by the Census Bureau. “The US is still a beacon for many people who want to come here for all kinds of reasons,” said William Frey, a demographer at the Brookings Institution who analyzed the numbers. “But what this shows is that the economy plays a big part in it.” The US has added an average of about a million immigrants a year since 1990, including those in the country legally and illegally. At more than 38 million, the number of immigrants in the US is now at an all-time high. Immigrants made up 12.6% of the population in 2007, the largest share since 1920, when the US was nearing the end of its last immigration boom, one that brought millions of people from Europe to the United States. That wave of immigrants ended with the Great Depression and the onset of World War II. The immigration figures released Tuesday were from the 2007 American Community Survey, the government’s annual survey of about 3 million households. The survey, which is replacing the long form from the 10-year census, yields reams of demographic, social and economic data about the nation. Because the estimates come from a survey, each includes a margin of sampling error that makes year-to-year comparisons inexact. Annual immigration changes for many states and cities were within the margins of error, but the national trend was statistically significant: The nation’s immigration boom slowed substantially in 2007. Fourteen states showed declines in the estimated number of immigrants from 2006 to 2007.Several major cities also posted decreases. Other cities continued to show gains. “Immigrants have always come to the United States for jobs, but before they went to big immigration magnets to be with family or other immigrants,” Frey said. “Now the geography of where these people move is much more tied to the economy than ever before.” Much of the US experienced a housing boom in the first half of the decade, providing jobs that attracted immigrants. The housing bubble burst last year, sending housing markets tumbling and contributing to a slumping economy some economists believe is in recession. The Census Bureau’s estimates for immigrants include those in the US legally and illegally because the agency does not ask about legal status. Government and private estimates put the number of illegal immigrants in the US at about 12 million. A little more than half of US immigrants are from Latin America and a quarter from Asia. About 13% are from Europe and 4% from Africa. The latest immigration boom has sparked political and social turmoil in many communities unaccustomed to large influxes of foreigners. About one in five US residents spoke a language other than English at home in 2007, about the same share as a year before. The issue, however, has been muted in this year’s presidential election in part because both Republican John McCain and Democrat Barack Obama support comprehensive immigration packages that include increased enforcement and an eventual path to citizenship for many illegal immigrants. Obama and McCain are not talking much about immigration reform—at least not in English. Both, however, are running Spanish-language TV ads accusing the other of derailing comprehensive immigration packages supported by many Hispanics. Voters say other issues are more important to them than immigration policy, including the economy, gas prices and education, according to the latest AP-Yahoo News poll. Source: Home - Livemint.com | 23 Sep 2008 | 5:46 am Goldman Sachs, Morgan Stanley arms need RBI nodMumbai, Sept. 22 There is unlikely to be any immediate change in the Indian operations of Morgan Stanley and Goldman Sachs which are permitted by the US Federal Reserve to become bank holding companies, said analysts.Source: Business Line - Home Page | 23 Sep 2008 | 12:00 am Tata Motors surveys 2 sites near DharwadBangalore/Kolkata, Sept. 22 The Karnataka Government has sought an “early appointment” with Mr Ratan Tata, Chairman of the Tata Group, “to take forward the negotiations on relocating the Nano project to Dharwad,” said MrSource: Business Line - Home Page | 23 Sep 2008 | 12:00 am FDIC data hints at more financial trouble in USMumbai, Sept. 22 If the indications from Federal Deposit Insurance Corporation (FDIC), the fund established by the US government to insure deposits of banks and institutions, are anything to go by, the worst does not seem to be over for the USSource: Business Line - Home Page | 23 Sep 2008 | 12:00 am Domestic airlines clip staff strengthNew Delhi, Sept. 22 To achieve economies of scale and stay afloat despite a decline in passenger numbers, several domestic airlines are looking to downsize their workforce. On Monday, Kingfisher Airlines announced that 300 of its employees haveSource: Business Line - Home Page | 23 Sep 2008 | 12:00 am Day trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be theSource: Business Line - Home Page | 23 Sep 2008 | 12:00 am Wait gets longer for rural mobile servicesNew Delhi, Sept. 22 The rural mobile project supported by the Government’s Universal Services Obligation fund may get delayed, with operators so far meeting only 50 per cent of the targeted coverage after 15 months of launching theSource: Business Line - Home Page | 23 Sep 2008 | 12:00 am Sobha Developers (Rs 200.80): SELLWe recommend a sell in Sobha Developers from a short-term perspective. It is clearly evident from the charts of Sobha Developers that it has been on a long-term downtrend from its January peak of Rs 1,041, forming lower peaks and lower bottoms.Source: Business Line - Home Page | 23 Sep 2008 | 12:00 am External borrowing limit for infrastructure cos hikedNew Delhi, Sept. 22 In a move that could help spur investments in sectors such as roads, power and telecom, the Government has further liberalised the external commercial borrowings (ECB) policy. This will allow infrastructure companies to availSource: Business Line - Home Page | 23 Sep 2008 | 12:00 am 4 SEZs in Tamil Nadu get in-principle nodNew Delhi, Sept. 22 Tamil Nadu bagged four in-principle approvals for Special Economic Zones (SEZ) among the 10 proposals that got in-principle nod by the Board of Approval (BoA) for SEZs that includes L&T Shipbuilding Ltd-promoted HeavySource: Business Line - Home Page | 23 Sep 2008 | 12:00 am Krishnapatnam power project’s land acquisition partially completeMumbai, Sept. 22 Land acquisition process for Krishnapatnam Ultra Mega Power Project of Reliance Power is partially complete. The company has acquired 1,800 acres, which was earlier held by government and private owners. The land would be usedSource: Business Line - Home Page | 23 Sep 2008 | 12:00 am Brics Securities ex-employees feel Lehman meltdown heatLehman Brothers bankruptcy petition has left over 40 former Brics Securities employees in a quandary.Source: Business Standard | Front Page Headlines | 22 Sep 2008 | 6:46 pm IIM-A sets up company to invest in firms it incubatesSetting the trend for B-schools and engineering institutes, the Centre for Innovation, Incubation and Entrepreneurship (CIIE) of the Indian Institute of Management, Ahmedabad, has formed a companySource: Business Standard | Front Page Headlines | 22 Sep 2008 | 6:45 pm Goldman, Morgan Stanley give up i-bank statusThe Wall Street that shaped the financial world for two decades ended last night, when Goldman Sachs Group Inc and Morgan Stanley concluded there was no future in remaining investment banks now thatSource: Business Standard | Front Page Headlines | 22 Sep 2008 | 6:44 pm Overseas borrowing eased for core sectorThe finance ministry has announced a five-fold increase, from $100 million to $500 million, in the amount companies building roads, ports, power plants, telecom and other infrastructure sectors canSource: Business Standard | Front Page Headlines | 22 Sep 2008 | 6:43 pm Goldman, Morgan Stanley to become bank holding firms!Goldman Sachs and Morgan Stanley got approval on Sunday to become bank holding companies regulated by the US Federal Reserve, a move that ends the traditional investment banking model.Source: Zee News : Business | 22 Sep 2008 | 11:54 am Oil rises above USD 105 on relief over US rescue plan!Oil extended last week`s massive gains and rose above USD 105 a barrel on Monday, on hopes that the US government`s USD 700 billion rescue plan would restore stability in the financial system and support global energy demand.Source: Zee News : Business | 22 Sep 2008 | 11:54 am Bush admin urges quick action on $700 billion bailout !The Bush administration insisted on Sunday that Congress must move quickly to approve what one lawmaker called the "mother of all bailouts" — a USD 700 billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation`s credit markets.Source: Zee News : Business | 22 Sep 2008 | 11:54 am Rupee up 47 paise against $ in early trade!Mumbai, Sept 22: The Indian rupee on Monday rose by one percent to 45.36 against the US dollar in early trade owing to smart rise in Asian bourses.Source: Zee News : Business | 22 Sep 2008 | 11:54 am Proposed bank strike unnecessary: P Chidambaram!Union Finance Minister P Chidambaram has termed the proposed nationwide strike by bank employees on September 24 as `unnecesary` and said the Centre was ready to hold talks with bank unions.Source: Zee News : Business | 22 Sep 2008 | 11:54 am Sensex up 179 pts in early trade!The Bombay Stock Exchange benchmark Sensex gained 179 points in early trade today on emergence of buying by funds in heavy-weight stocks.Source: Zee News : Business | 22 Sep 2008 | 11:54 am Asian stock markets rise sharply in early trade !Sydney, Sept 22: Asian share prices soared in early trade on Monday as the US government`s massive rescue plan for the battered financial sector encouraged investors shaken by last week`s global turmoil.Source: Zee News : Business | 22 Sep 2008 | 11:54 am
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